The Haryana government today reduced the value added tax (VAT) on hardwares of iron and steel such as aldrops and latches to 4 per cent from 12.5 per cent, bringing the rate at par with neighbouring states Delhi and Punjab.
The state Cabinet which met under the Chairmanship of Chief Minister Bhupinder Singh Hooda here today, also decided to move these items to Schedule&aposC&aposof Haryana VAT Act and bring the same on par with VAT leviable on these items in the neighbouring State of Punjab, an official statement said.
As a result of it, a fresh entry in Schedule&aposC&aposviz. entry 29-B"hardware of iron and steel such as aldrops, latches, . Whether polished, enamelled or plated"would be inserted in the Haryana VAT Act, it said.
The reduction in rate of VAT would boost the sale of these goods from within Haryana.
The Cabinet also decided to amend Haryana Special Economic Zone Rules, 2007, to include the provisions of the notification issued by Town and Country Planning Department regarding amendment made in the Punjab Schedule Roads and Controlled Area Restriction of Unregulated Development Rules, 1965, it said.
Whereby the benefit of enhanced FAR has been extended up to apparel and footwear industrial units to be located in SEZs, it said.